Globe Underwriting launches marine division

Globe Underwriting launches marine division

Globe Underwriting launches marine division

Globe Underwriting, the UK-based managing general agent, has announced the launch of its marine division. The five-strong team is led by Peter Rogers, head of marine, and David Dymond, head of underwriting. They will report to Gary Corke, CEO, Globe Underwriting. Prior to joining Globe Underwriting, the team worked together for nearly 20 years at Tokio Marine Kiln and International…

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

Global maritime industry facing new risks, but insurance market remains soft, says Marsh

The global marine insurance sector remains soft and a single marine catastrophe would not now be enough to see significant increase rates, according to Marsh. This is largely due to overcapacity and, in particular, new non-traditional marine hull and cargo markets. In its report, The Changing Tide of Risk: Expert Perspectives on the Marine Industry, Marsh notes that since the…

Piracy attacks increase in first quarter: IMB

Piracy attacks increase in first quarter: IMB

Piracy attacks increase in first quarter: IMB

Piracy increased during the first quarter of 2017 as hotspots continued off Nigeria and around the southern Philippines, according to statistics from the ICC International Maritime Bureau (IMB). Piracy and armed robberies targeted a total of 43 ships in the first quarter of 2017, up from 37 incidents in the same period last year. A total of 33 vessels worldwide…

US forces warn Somali piracy resurgence driven by famine

US forces warn Somali piracy resurgence driven by famine

US forces warn Somali piracy resurgence driven by famine

Risk managers involved in the marine sector and those with goods transiting the Horn of Africa have been warned famine is fuelling a resurgence in Somali piracy activity. Last week more than 225 attendees from various organisations participated in the first US Africa Command Chiefs of Defense (CHoD) conference.  Besides Africom senior leadership were representatives from 42 African countries, 35…

Generali in for the long run

Generali in for the long run

Generali in for the long run

The international corporate insurance market is becoming increasingly difficult as carriers struggle to balance stubbornly competitive underwriting conditions and low investment returns. There are few signs of this changing, so the recent process of consolidation should continue. This will leave risk managers with a smaller number of carriers willing and able to lead their primary programmes and deliver service on…

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

No end in sight for soft market: Greenberg

Evan Greenberg believes there is no end in sight to the current soft global P&C insurance market conditions, but noted that pricing is unsustainable with the insurance industry storing up future problems. Mr Greenberg told Chubb’s shareholders to expect the soft market to persist for a while yet.  “We have a soft and softening market producing headwinds that will likely…

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s opens in India as results suggest tough renewals ahead for risk managers

Lloyd’s has officially opened its India branch and welcomed MS Amlin as its first underwriting syndicate. The ceremony, which took place on 1 April, was witnessed by UK Chancellor Phillip Hammond and Lloyd’s chairman John Nelson. The new branch, which will act as the domestic reinsurance branch for India, will “help Indian insurance firms increase the resilience of the Indian economy…

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

Lloyd’s continues expansion but must watch combined ratios and reserves

If the Lloyd’s insurance market is a decent yardstick for the state of the international commercial and specialty insurance and reinsurance market, then its recently published annual results suggest that risk and insurance managers worldwide need to brace themselves for tougher renewals in future. The market revealed numbers last week that showed a big jump in gross premiums written, up…

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Singapore insurance sector posts lower profits as competition intensifies

Intense competition in a mature and competitive economy meant that Singapore’s non-life insurance sector posted premiums slightly up but reduced profits for 2016, according to the General Insurance Association of Singapore (GIA). The outlook is slower economic growth and even higher competition, so the industry must focus on raising standards and improving operational efficiency, said the association. “On the industry…

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